We our delighted to announce our move to The Watergate Office Building in Washington, D.C. next week. As a result of this move, we will need to suspend NewsWatch for one week and continue from our new headquarters the following week on 8 February 2017. The EMPEA team will be available for all other communications, however, please excuse any minor delays due to IT considerations.

We invite all EMPEA Members to visit us as at our new office the next time you are in the Washington area, and we encourage you and your teams to take advantage of our “hot desking” remote workspace during your next business trip.

Currency risk is one of the greatest challenges impacting emerging markets private equity. In an effort to help address this challenge, the EMPEA Institute has received funding to assist in the creation of a new mechanism that could mitigate currency risk for EM PE funds. As part of this project, Expanding Institutional Investment into Emerging Markets Via Currency Risk Mitigation, we are conducting a brief survey to understand more concretely how practitioners currently use hedging instruments (if at all), as well as the specific needs practitioners would demand from an ideal currency risk mitigation approach.

EMPEA invites LPs and GPs to participate in our Currency Risk Management Survey, which aims to provide the industry with a greater understanding of how market participants approach the reporting and management of exchange rate movements in emerging market private equity portfolios. All respondents who complete the survey will receive advance access to the findings, as well as an update from the EMPEA Institute on potential solutions.

Global private investment firm TPG and China-focused investment firms Jeneration Capital and China Vision Capital have led an investment of US$500 million in China-based used-car trading platform Uxin. Other investors in the round include Warburg Pincus, KKR, Tiger Global Management, Hillhouse Capital, Huasheng Capital and an investment fund managed by China-based advertising company Focus Media. Uxin will use the funds to scale up its business, improve services and strengthen its brand.

Global alternative asset manager The Carlyle Group has agreed to acquire a 49.9 percent stake in South Africa-based emerging markets-focused credit rating agency Global Credit Ratings. The company serves customers across 20 countries, focusing on insurance, financial institutions, corporate and public sector entities and structured finance. Carlyle will invest through Carlyle Sub-Saharan Africa Fund. Financial details of the transaction, which is subject to regulatory approvals and is expected to close in early 2017, were not disclosed.

Pan-African private equity firm AfricInvest and France-based investment bank Bpifrance have launched the French African Fund with EUR77 million (approximately US$82 million) in capital commitments. The fund will invest in small and medium-sized enterprises in both Africa and France, assisting African companies with their expansion into France and the European continent and helping French companies with strategic development in Africa. Investors in the fund include Bpifrance, investment banking and financial services group Société Générale, France-based telecommunications company Orange, Côte d’Ivoire-based pension fund Caisse Nationale de Prévoyance Sociale de Côte d’Ivoire (CNPS), Morocco-based insurance company Saham and financial group Financecom, the Central Bank of Kenya Pension Fund and private investors from Kenya and Nigeria.

Joulon, an oil and gas asset management services platform established in 2015 by global investment firm KKR and industry veteran Deepak Munganahalli, has acquired a majority stake in India-based drilling equipment manufacturer Sara Sae. As part of the transaction, India-focused private equity firm Multiples Alternate Asset Management, which originally invested in Sara Sae in 2011, has reportedly exited its stake in the company. Joulon is backed by KKR Asian Fund II. Financial details of the transaction were not disclosed.

Global growth markets investor The Abraaj Group has acquired a majority stake in Chile-based home design and decorations company Casaideas. The company currently operates over 50 stores in Chile, Peru and Bolivia, and it will focus on expanding product availability through the launch of an e-commerce platform. Financial details of the transaction were not disclosed.

Central and Eastern Europe-focused private equity fund manager Resource Partners has reached a first close for Resource Eastern European Equity Partners II (REEEP II) with EUR100 million (approximately US$106 million) in capital commitments. The close took place in December 2016. Investors in the fund include development finance institutions the European Bank for Reconstruction and Development (EBRD) and the European Investment Fund (EIF). Separately, Resource Partners acquired a 70 percent stake in Poland-based cosmetics company Torf. Resource Partners invested through REEEP II. Financial details of the transaction were not disclosed.

Global investment firm KKR has invested INR4 billion (approximately US$59 million) in the promoter family of India-based TVS Logistics via a long-term structured credit partnership. The promoters of TVS plan to use the funds to buy the company’s shares from private equity funds. KKR originally invested in TVS Logistics in 2012 and agreed to exit its 21.4 percent equity stake in the company in 2016.

CITIC Capital Partners, the private equity arm of CITIC Capital, has led a Series B round of CNY100 million (approximately US$14.6 million) for China-based fintech company Samoyed Financial. Yonghua Capital, an investment firm of China-based financial services group Yonjiin Group, also participated in the round. Founded in 2015, Samoyed provides balance transfer and credit card services.

North Africa-focused private equity firm CDG Capital Private Equity has exited Morocco-based regional outsourcing company Intelcia via sale to Netherlands-based telecommunications company Altice Group for a reported 4.6x return multiple. CDG capital originally invested in Intelcia in 2010. Financial details of the transaction were not disclosed.

Russia and CIS-focused private equity firm Baring Vostok Capital Partners, along with Stockholm Stock Exchange-listed investment company Vostok Emerging Finance (VEF), has agreed to invest up to US$20 million in Russia-based retail payment solutions specialist Revo Technologies and digital marketing services provider Sorsdata. VEF had previously invested in the two companies in 2015 and will contribute up to US$5 million of the total investment amount in the round.

India-focused venture capital firm Nexus Venture Partners has led a Series A round of US$5 million for India-based managed accommodations platform Zolo. The funding round also included venture debt from Asia-focused venture lending firm InnoVen Capital. Zolo plans to use the funds to increase its number of beds under management and expand its geographic presence in India to Chennai and the National Capital Region.

Global asset manager PineBridge Investments has partially exited National Stock Exchange- and Bombay Stock Exchange-listed specialty hospital chain Narayana Health (formerly Narayana Hrudayalaya) via the sale of a 1.3 percent stake for a reported INR900 million (approximately US$13.2 million). Narayana has a network of 23 hospitals and seven heart centers across 18 locations in India and held its initial public offering (IPO) in 2015. PineBridge originally invested in Narayana in 2008.

India-focused venture capital firm Saama Capital has reached a final close for its third fund with US$58 million (approximately INR3.9 billion) in capital commitments. The fund will focus on seed and Series A rounds for companies in the fintech, software-as-a-service (SaaS) and non-technology consumer sectors.

Qualified Institutional Investors include pension funds, foundations, family offices, endowments and other institutional investors that do not engage in third-party fundraising activities or collect fees for advisory/consulting services.

All complimentary registrations are subject to approval. Please do not make any travel arrangements until your complimentary registration is approved. Email programs@empea.net to see if your firm qualifies.

This exclusive networking event for EMPEA Members and invited guests will be held during EM PE Week in D.C. from 15-18 May 2017. To register for the EMPEA Members-Only Reception, please contact Anastasia Pechler at pechlera@empea.net.

*Qualified LPs may include pension funds, foundations, family offices, endowments and other institutional investors who are not engaged in advisory services or fundraising operations. Email programs@empea.net to find out if your firm qualifies.

American Investment Council (AIC) is recruiting for the position of Research Associate who will be a member of the Research Team, manage qualitative and quantitative information, and conduct analysis for the organization.

For more information, including responsibilities and qualifications, please click here.

CrossBoundary is recruiting full-time Associates to join the new CrossBoundary office in Johannesburg. As a member of the Southern Africa transaction team, you will actively contribute to a powerful intervention that has the potential for significant positive impact on investment into Southern Africa.

For more information, including responsibilities and qualifications, please click here.

CrossBoundary is recruiting a Senior Associate to join the new CrossBoundary office in Bamako, Mali. As a member of the Mali investment team, you will actively contribute to a powerful intervention that has the potential for significant positive impact on Mali’s private sector, in addition to building CrossBoundary’s long-term presence in West Africa.

For more information, including responsibilities and qualifications, please click here.

CrossBoundary is recruiting a fulltime Principal to lead a new Advisory team in Johannesburg. As the team leader, you will actively contribute to a powerful intervention that has the potential for significant positive impact on investment into Southern Africa

For more information, including responsibilities and qualifications, please click here.

About EMPEA

EMPEA is the global industry association for private capital in emerging markets. We are an independent non-profit organization with over 300 member firms, comprising institutional investors, fund managers and industry advisors, who together manage more than US$1 trillion of assets and have offices in more than 100 countries across the globe. Our members share EMPEA’s belief that private capital is a highly suited investment strategy in emerging markets, delivering attractive long-term investment returns and promoting the sustainable growth of companies and economies. We support our members through global authoritative intelligence, conferences, networking, education and advocacy. For more information, visit empea.org.